CSX Corp

CSX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$72.00	Rnc	Hpwhrfyn

CSX Earnings: Intermodal Still Struggling, but Merchandise Volume Holding Up

Matthew Young

Jul 21, 2023

Eastern Class I railroad CSX’s second-quarter top line trend flipped negative, falling 3% year over year on lower intermodal container volumes, easing accessorial income, and falling fuel surcharges. Revenue came in shy of our forecast due to greater-than-anticipated deterioration in intermodal activity, though merchandise volumes were in line. CSX' operating ratio worsened, but largely met our expected run rate.

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